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The influence of AI on the future of insurance

If you are like most of the people, calling an insurance company is not something you are happy to do. It’s because insurance industry is one of the least interesting areas for customer experience, that is, there are not many innovations and changes. Usually, customers come away from their communications disappointed. However, these things will definitely change.

Artificial intelligence will play huge role in the insurance industry. The introduction of AI into the insurance industry will revolutionize this area, since this fast-growing technology has become so popular that it has the potential to transform and improve the whole industry. The advanced AI algorithms and machine learning are able to transform any industry, so the insurance industry is no exception.

The insurance industry is a sector where it is tough to predict the next big paradigm shift. Insurance is an industry created around risk. The insurance companies work on their ability to predict risks to people, companies, even organizations. The more information they have, the more likely are they to make a correct prediction. They are often faced with huge challenges due to the natural catastrophes, so adopting the digital transformation such as AI is a big step for the industry.

Artificial intelligence and its connected technologies will have a huge influence on all sides of the insurance industry, from claims to underwriting and pricing. But, how exactly will artificial intelligence transform the insurance industry? Let’s take a look at some of the biggest examples.

Claims

The insurance companies are famous for their old way of working. Filing a claim today is the same as it was decades ago because the insurance companies are not using the modern technologies that are available to them. For example, if an employee is busy or on a leave, the claim request cannot be filled until the employee is back to work. The old processes make it harder for the insurance agents to work.

Artificial intelligence can improve this process. Currently, claims are filled by multiple employees. Artificial intelligence can change that by creating a new “touchless” claim processes that do not need human intervention. The new claims that will use AI will be based on technology that will report the claim, capture damage, audit the system, and interact with the client.

There are some insurance companies that have already adopted their system to the new AI-based claims, and have seen an outstanding reduction in processing quality and times. The whole job is faster and easier. Instead of hiring humans to manually read the reports and catch claims, AI algorithms can do that automatically.

Chatbots

Chatbots work through messaging apps that many clients already have on their smartphones. They have become a natural and common thing in customer interaction. To be effective, chatbots must have natural language processing so that they are able to understand the customers.

This can be used in the insurance industry too. There, chatbots can be used to answer basic questions by the customers, resolve claims, sell products, or to make sure that the customers are appropriately covered by their insurance.

Marketing

The insurance industry is placed in a competitive market, therefore a strong marketing strategy is necessary in order for an insurance company to be successful. Usually, insurance companies use marketing strategy like calling the customers, but nowadays customers want more improved and tactical sales. Artificial intelligence can be used for this. It can pull in customer data to make a profile that will be used to offer only relevant products for a particular customer.

Artificial intelligence can automate the whole process, instead of spending money and time on the process of underwriting. Underwriting includes surveys and questions which will help the insurance companies to create customer’s profile.

Data

Insurance industry is full of data, and the data has a huge impact on the insurance companies and the customers’ satisfaction. Artificial intelligence can make the whole process easier, by transforming the way insurers gain data from their customers. Many insurance companies offer discounts to their clients who will give their data to the company. Artificial intelligence can improve this process by recognizing GPS patterns with the data, which will lead to less claims and more satisfied customers.

Inspiron Solutions recognizes the importance of artificial intelligence into the insurance industry. We are a digital design and development company that help its clients to carry out their ideas and wishes. We are dedicated to our clients, and we help them to build brands and grow their businesses through exceptional design & robust development. We focus on our customers, and our simple approach helps them to get what they want, and to grow their businesses with the help of our services.

Please send us your artificial intelligence requests:

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Blagoja Petrushev

Blagoja Petrushev

Futurist entrepreneur who believes that technology is the best way to change the business mindset.

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